By closing above yesterday’s high, SPY, DIA and QQQ negated all bearish odds that the candles set yesterday, opening a path to higher prices. Let’s have a closer look.
This SP500 Daily contains the charts and covers:
– SP500 – TA and Japanese Candlesticks analysis;
– short and long term charts and forecasts for SP500.
Members are recommended to read the VIX/VXX Daily Analysis before studying the SP500 one:
From yesterday’s analysis: “SPY, QQQ, DIA and IWM formed different variations of bearish Harami on the daily charts. While the formations are bearish, they are not supported well by certain technical indicators and have a good chance to turn the false flags.
We would not know about this until tomorrow. One of such confirmations would be a SPY closure tomorrow above today’s high.”
SPY and others did just that and I expect them to continue higher, elevating the chances of another strong bullish weekly closure.
ELLIOTT WAVES – SP500
SP500 Short Term – Operative Counts
This chart was shared in the weekly update and it remains unchanged. The channel is still very preliminary, requires the top of 3 for adjustment.
The wave off the bottoms is very young. Once it develops, I will share an updated long term perspective, most likely in the monthly review.
Current Targets: $4610-4670
This alert was triggered on Friday, March 18th:
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